House prices inch up 0.2% in July | Money | guardian.co.uk

House prices inch up 0.2% in July | Money | guardian.co.uk

House prices edged up by 0.2% in July, taking the annual shift in prices to -0.4%, a result of sluggish demand for homes combined with a gradual rise in the supply of available properties, according to Nationwide building society.

It said stability had been the watchword for the housing market during the last year, with the average price of a house now standing at £168,731. House prices have now risen or remained unchanged for six of 2011's seven months, with the highest increase being 0.6% in February.

But Nationwide said the volume of transactions had remained at historically low levels in recent months. Only 204,000 housing transactions were recorded in the second quarter of 2011, the lowest number since the second quarter of 2009